Huang Sean Shenghsiu, Bowblis John R
Georgetown University, 3700 Reservoir Rd., NW, St. Mary's Hall, Washington, DC, 20057, USA.
Miami University, Oxford, OH, USA.
Int J Health Econ Manag. 2019 Dec;19(3-4):273-299. doi: 10.1007/s10754-018-9254-z. Epub 2018 Oct 24.
Since the 2000s, private equity (PE) firms have been actively acquiring nursing homes (NH). This has sparked concerns that with stronger profit motive and aggressive use of debt financing, PE ownership may tradeoff quality for higher profits. To empirically address this policy concern, we construct a panel dataset of all for-profit NHs in Ohio from 2005 to 2010 and link it with detailed resident-level data. We compare the quality of care provided to long-stay residents at PE NHs and other for-profit (non-PE) NHs. To account for unobservable resident selection, we use differential distance to the nearest PE NH relative to the nearest non-PE NH in an instrumental variables approach with and without NH fixed effects. In contrast to concerns of the public regarding quality deterioration associated with PE ownership, we find that PE ownership does not lead to lower quality for long-stay NH residents, at least in the medium term.
自21世纪以来，私募股权（PE）公司一直在积极收购疗养院（NH）。这引发了人们的担忧，即由于更强的盈利动机和对债务融资的激进使用，私募股权所有制可能会为了更高的利润而牺牲质量。为了从实证角度解决这一政策问题，我们构建了一个2005年至2010年俄亥俄州所有营利性疗养院的面板数据集，并将其与详细的居民层面数据相联系。我们比较了私募股权疗养院和其他营利性（非私募股权）疗养院为长期居住居民提供的护理质量。为了考虑不可观测的居民选择因素，我们在有和没有疗养院固定效应的工具变量方法中，使用相对于最近的非私募股权疗养院到最近的私募股权疗养院的差异距离。与公众对私募股权所有制导致质量下降的担忧相反，我们发现私募股权所有制至少在中期不会导致长期居住的疗养院居民的护理质量降低。
